McGraw Hill Financial (NYSE: MHFI) announced it has reached a definitive agreement to sell J.D. Power to XIO Group, a global alternative investments firm, for $1.1 billion in cash. The transaction is expected to close during the third quarter of 2016 and is subject to regulatory approvals and customary closing conditions.
McGraw Hill Financial announced in October 2015 that it would commence a process to explore strategic alternatives for J.D. Power which is a global marketing information services company providing performance improvement, social media and customer satisfaction insights and solutions.
Headquartered in London, XIO Group is a global alternative investments firm with operations in the United Kingdom, Germany, Switzerland, Israel, Hong Kong and mainland China. XIO Group’s strategy is to identify and invest in market-leading businesses located across North America and Europe and help these companies to capitalize on untapped opportunities in fast growing markets, particularly in Asia.
On April 27, 2016, subject to shareholder approval, McGraw Hill Financial will be renamed S&P Global.